In 2010, 52% of surveyed students said they were covering a fourth of their college costs and 12% were paying more than half. This year, the survey revealed that 58% are covering a quarter of the costs and 18% are paying more than half.

Other student savings stats from the survey:

30% claimed that cost would definitely determine their education plans while 47% said cost could possibly alter their choices.

45% have already started saving: 19% have saved over $5,000, 43% have saved $1,000 – $5,000, and 35% have saved less than $1,000.

72% responded that they would definitely or possibly prefer money for college over tangible gifts.

While survey respondents have a very keen insight into savings, the same cannot be said for borrowing. The survey revealed that 66% of students will definitely or possibly borrow money for college and that 40% of respondents plan to borrow 25 – 50% of the total cost. However, only 20% of those planning to borrow have researched the total amount they will have to borrow.

The How Youth Plan to Fund College survey was circulated to 500 16- and 17-year-olds across the country. This is the second year the survey has been distributed.

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